Hello serious /k,

Am currently working in the Philippines and would like to know if you guys here could recommend any more affordable ways of transferring + converting money from Pesos (Philippine bank account) to MYR into Malaysia bank account.

I've tried using Transferwise but they don't accept direct transfer of Pesos into Transferwise Local Philippine account (which then can be used to transfer from your Pesos to your bank account in Malaysia converted to MYR.).

Other than going through the traditional route of Western union, traditional bank TT transfer, or even handcarry... is there any other you guys could recommend? Especially for expats working in the Philippines.

EDIT: 000022 thanks for pointing out... Transferwise doesn't support transfering PHP out of the Philippines...



This post has been edited by LarryPizzaGuy: May 30 2020, 12:22 PM

I work in SG and do direct bank transfer.... not fantastic exchange rate, but not bad either...

Hmm.. much TT cost you? i only know Wiretransfer TT..
Since PH has a lot of banks, there should not be any issues to do TT.

How much do you usually transfer in 1 go? Need to declare the amount to LHDN? Got kena any additional income tax?
A family member of mine kena if transferred any amount above RM10,000 per month though..

I would try to avoid local banks here if necessary because their SOP are poorly implemented and they incur all sorts of weird middleman charger whenever they like... I could try out Wiretransfer

how is their charges like?

Sorry - dont quite understand the bolded part. Are you saying that Transferwise doesnt support transferring direct to an e-wallet service that you are using?

From what I understand, Transferwise has a pretty good currency exchange rate, or do you want to keep it as pesos in your e-wallet? Cause from what I understand, TW should be good to direct transfer the monies to your local bank acc, without much hassle as when you receive via a TT

IINM, how Transferwise works is that you have to directly deposit/transfer money into your digital account (e-wallet).
Which then the Pesos (from the E-wallet) can be converted to MYR and transferred to a Malaysian bank account.

However... Transferwise doesn't support direct deposit of Pesos into the Pesos (e-wallet account)
.
.
.
.
Or am I missing out something here? Or misunderstood how TW works?

This post has been edited by LarryPizzaGuy: May 30 2020, 11:37 AM

I heard from my buddies there that transferring from sotong bank to sotong bank gets you the best exchange rate.

I used trasferwise.... local transfer to their bank account.... they will send to my recipient.

never heard of using e-wallet.

best way always TT.

I've doing this for the past years. Every month's transfer exceeds 10K to my local Maybank acc. Didn't kena anything also.

For LHDN, I declare that I don't work in Malaysia. Every year I submit a RM0 income tax filing.


SG banks don't charge for transfer to Malaysia. Abang adik. That's why I tolerate the so so exchange rate.

Yeah... something like that...

Transferwise does have a local philippine account... but... magically they do not accept deposit from Pesos == they only accept deposit from Euro, USD, MYR, SGD (but NOT PESOS) then converted to Pesos which then can be use to convert/transfer to any overseas account.

白痴到。

Oh I see what you mean now. Yea, in that case, I don't think TW is a good medium since they only allow sending money into PH, but not out from PH:
https://transferwise.com/help/11/getting-st...-to#Philippines

Something to note, is that you dont actually need to use their borderless acc ("e-wallet service") to make a remittance, there are other methods of depositing, although via borderless acc is easiest and cost the least fee. I think TT is your best bet, sending money into PH seems fairly accessible, not so much when trying to send it out.

That's it! Thanks for pointing it out!

Looks like TT would be my best bet ==

I've never transferred from Philly before but I have experience with Transferwise and it works very well, with very low fees compared to many other services. I'm not sure what you mean by e-wallet, because I can just directly transfer the amount that I need. Eg, I convert GBP1000 to MYR, just link my UK bank/card, debit, then receive on Malaysian end in 2-3days.

Do you have a Philly bank or card?

I normally do normal bank transfer only, but not direct PHP to MYR. It will be converted from USD first before MYR. Not sure what is the conversion rate, as I dun really care.

How do you do it normally? I would like to know also is there any other better ways.

I transferred >RM20k in one go few times, did not kena anything.

Philippines is very near to Malaysia so if you could carry cash.

Every trip a maximum of 10,000 USD without declaring to customs.

You can get better exchange rates if you exchange at the Indian money changers in MidValley.

Bank transfer rates sucks especially if the air ticket is cheap, you save a lot of money by bringing cash.

Depending on the amount you want to transfer, you can do partial bank transfer and partial cash.

This post has been edited by Arhat: May 30 2020, 10:18 PM

SG is so near, just bring cash if below 10k USD

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This post has been edited by powerlinkers: May 30 2020, 10:59 PM

Maybank 10 rm tt fee and 35 usd merchant fee. I transfer 1 time to taiwan , bank cannot find the bank i want trasnfer to then l lose 500rm jist like that due to fee and convertion.